About Jean Paul Getty

In 1914 Paul joined the family petroleum business and spent a year in the oil fields of Oklahoma. An investment in 160 acres in Oklahoma led to Paul’s announcement two years later that he had earned his first million dollars.

  • To that end, he joined his father’s business buying and selling oil leases out of the company’s Tulsa, Oklahoma offices.
  • During this time, he spent his summers working on the oil fields of Oklahoma, to better understand how his money would be made.
  • By being frugal, Getty had more money to invest in his businesses, himself and his family, all of which helped to increase his and his family’s already huge wealth.
  • You see, it wouldn’t just be the people he invited who’d attend these parties.
  • The duo engaged in drilling oil wells and buying and selling oil leases.
  • Getty and Kitson maintained a platonic relationship and Getty held her in high respect and trust.

He paid $2.2million (£1.5million) – the maximum tax deductible amount – and loaned his son the rest of the ransom at four per cent interest. An avid collector, his penchant for antiquities and art was later displayed in the J.

A “public” Personal Life

Paul inherited a mere $500,000 (approximately $7.32 million in 2017) of the $10 million fortune (approximately $146.49 million in 2017) his Father George had left at the time of his death in 1930. He was left with one-third of the stock from George Getty Inc., while his mother received the other two thirds, giving her a controlling interest. Just before he died, George Franklin Getty said that Jean Paul would ultimately destroy the family company. In addition to oil business, he ventured into the hotel business as well. He made several successful real estate investments in hotel industry, including the Pierre Hotel in New York City. Getty was born into a Christian Scottish American family in Minneapolis, Minnesota, to Sarah Catherine McPherson and George Getty, who was an attorney in the insurance industry.

Getty owned the controlling interest in nearly 200 businesses, including Getty Oil. millionaire jean-paul getty american investor Associates identified his overall wealth at between $2 billion and $4 billion.

millionaire jean-paul getty american investor

Before jumping to the silver screen in 1932 at the age of 39, West starred in vaudeville and burlesque shows and Broadway plays that she wrote. A portrait of the Kennedy family, pictured in Hyannis, Massachusetts, c. When the Great Depression hit its lowest ebb in 1933, the unemployment rate exceeded 20 percent and America’s gross domestic product had plummeted by 30 percent.

John Paul Getty Jnr

It also provided him with other sources of revenue so he wasn’t completely dependent on oil profits. To sweeten the pot, George Getty also left the projection that his son, J.

millionaire jean-paul getty american investor

Despite his wealth, he was famously mean and tight-fisted and the world watched on in horror as he refused to pay his grandson’s kidnappers in 1973. He died alone with $6 billion and only one of his forex platform trading 3-surviving sons went to his funeral. Many anecdotal stories exist of Getty’s reputed thriftiness and parsimony, which struck observers as comical, even perverse, because of his extreme wealth.

Further Reading On Jean Paul Getty

Alternatively, Getty’s net worth can be measured by its percentage of the US GDP at the time. When he died in 1976, Getty’s net worth was the equivalent of 0.3% of the US GDP, if Getty still had this today, it’d be worth $64.29 billion. Paul Getty had a net worth of $6 billion, or roughly $28.65 billion adjusted for inflation. Paul Getty began to seclude himself at his Sutton Place mansion, mostly staying out of the public eye. On June , Jean Paul Getty suffered heart failure and died in his Sutton Place mansion at the age of 83. During WWII, Getty continued to produce oil, with his largest customer being the federal government who used his oil for the war effort. Whilst not as rich as he’d eventually be, Getty’s wealth had begun to be noticed.

millionaire jean-paul getty american investor

Paul Getty III, was kidnapped in Italy by the ‘Ndrangheta in 1973 and ransomed for $17 million ($104 million in today’s money), the elder Getty refused to pay. Upon his death, most of his Getty Oil shares were put into the J. Paul Getty Trust which his children, primarily his fourth son Gordon, then inherited control of. This gave them access to their father’s immense wealth, whilst reducing their tax burden. All this was done so that when and if the oil business had a bad year/quarter, his other businesses should be able to cover the losses and vice-versa.

Investing Lessons From J Paul Getty

In 1914, he moved to Tulsa, Oklahoma, to start up as an oil producer. For the what types of brokers are there same, he took financial assistance from his father in the form of loan.

A letter of introduction by then-President of the United States william Howard Taft enabled him to gain independent instruction from tutors at Magdalen College. He obtained his degree in Economics and Political Science in 1914, then spent months travelling throughout Europe and Egypt, before meeting his parents in Paris and returning with them to America in June 1914. By 1916, he made his first million, earning the same from the Nancy Taylor No. 1 Oil Well Site near Haskell, Oklahoma. Despite finding huge success in oil business, he retired from being an oil producer the following year to become a Los Angeles playboy. In 1905, the family pulled up stakes in the oil business, relocating to Los Angeles, California. Young Getty attended private school before entering the Polytechnic High School. J. Paul’s son, John Paul Getty Jr, was hired by his father to run the European arm of the oil business, but eventually, he succumbed to drug addiction.

millionaire jean-paul getty american investor

George Getty may have been right about his son’s capacity to sink the company, but luck was on J. In 1949, the businessman paid almost $10 million in cash to Ibn Saud, the founder of Saudi Arabia, for drilling rights to a plot of land where oil had never been found. The company that formed from this deal, the Getty Oil Company, was to make Getty his fortune. But, first, the businessman would hone his craft at university. He studied at the University of California in Berkeley and obtained a diploma from Oxford – in Economics and Political Science. During this time, he spent his summers working on the oil fields of Oklahoma, to better understand how his money would be made.

However, much like his previous nuptials, this too did not last long and ended in 1936. The marriage did not last long and the two parted ways in 1928. The same year, he married Adolphine Helmle with whom he had a son. I think, Getty’s “Net Realizable Assets” is synonymous to the book value or net worthof the shares. This means, all the business assets (land, machinery, cash, inventories etc.) less the liabilities . Paul Getty believes in finding bargain, low priced stocks relative to measurable values of the business, and holding on for the long-term. As demand for inexpensive entertainment and interest in new talking pictures kept the movie business afloat during the Great Depression, Mae West emerged as one of the era’s biggest box-office stars.

Net Worth: $8 3 Billion

His son Andrew, died aged just 47 in 2015 of intestinal bleeding. In 1957 he was named by Fortune magazine as the richest living American, and in 1966 the Guinness Book of Records named him as the world’s richest private citizen, with an estimated worth of $1.2 billion (£841.3million). He studied at both Berkeley and the University of Oxford before turning his eyes to the family business. Instead, he placed his his wife, Sarah at the helm and appointed his son the president of the firm. Despite their massive wealth the family has been plagued by tragedies over the years.

His 1927 film Ten Arabian Knights earned Lewis Milestone an Oscar as best comedy director at the inaugural Academy Awards. He spent upward of $4 million forex platform trading to produce 1930’s Hell’s Angels, at the time the most expensive movie ever made, and followed that with box-office hits The Front Page and Scarface.

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